Ann: Appendix 3B - Placement, page-23

Reply to @MellowYellow's post above: "ADN need to do more than sell clay for making Chinese to crockery to justify the MC........IMO"

Not sure why HC wont let me use the reply feature

I disagree.

With a Scoping Study that confirms project NPV of $413m, IRR of 174% and less than $10m capex (which is now virtually all funded) I think the current MC is justified.

When you add to that allowances for:

· pending resource upgrade for the project (since the JORC covers only a small part of the deposit)
· review of the scoping study in progress to also consider wet processing options
· additional 100% owned deposits that have shown to be high grade halloysite
· multiple JV gold and copper projects
· Recent grant for research HNT Hydrogen transportation tech
· Potential for additional grants/funding for the other HNT research streams

..then I think current MC is more realistically undervalued.

But there really isn't any need to tell you, since you already know and post about all this when you are a holder lol.

https://hotcopper.com.au/threads/announcment-dso-offtake-secured.4909597/page-13?post_id=40033653

"Potential customerscrawling all over each other to get their hands on our product"

https://hotcopper.com.au/threads/adn-poochera-potential-cashflow-revenue-streams.4879006/page-67?post_id=39987279

"permits etc pending therewill be huge cash flows coming in by the end of next year.......and sooner orlater the MC will exceed $1 Billion......"

It's no wonder newbies find it hard to navigateat times like this.